ITR-6 Form Filing

The most common and simplest form of business is a sole proprietorship. Many small businesses operating in the India are sole proprietorships. An individual proprietor owns and manages the business and is responsible for all business transactions.

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What is the ITR-6 Form?

Companies other than companies claiming exemption under section 11 must furnish their income tax must in ITR-6 Form.

What are the companies claiming exemptions under section 11?

Companies claiming exemption under section 11 are those whose income from property is held for charitable or religious purposes.

E-filing audit reports

If the assessee is liable for Audit u/s 44AB and the accounts have been audited by an accountant, the details of such audit report along with the date of furnishing it to the department has to be filled under the head “Audit Information.”

From AY 2013-14, if a taxpayer is required to furnish an audit report under sections 10(23C)(iv), 10(23C)(v), 10(23C)(vi), 10(23C)(vi a), 10A, 12A(1)(b), 44AB, 80-IA, 80-IB, 80-IC, 80-ID, 80JJA, 80LA, 92E or 115JB, he shall file the report electronically on or before the date of filing the return of income.

What is the structure of the ITR-6 Form?

The Form has been divided into two parts and several schedules:

Part A: General information

Part B: Outline of the total income and tax computation with respect to income chargeable to tax.

The 33 schedules are:

Schedule BA: Details of Bank account

Schedule-HP: Computation of income under the head Income from House Property

Schedule-BP: Computation of income under the head “profit and gains from business or profession”

Schedule-DPM: Computation of depreciation on plant and machinery under the Income-tax Act

Schedule DOA: Computation of depreciation on other assets under the Income-tax Act

Schedule DEP: Summary of depreciation on all the assets under the Income-tax Act

Companies that claim exemption under section 11 (Income from property held for charitable or religious purposes)

ITR-6 form is to be used when the tax payer is registered as a Company under Indian Companies Act of 1956 or any other law, and if the company is not claiming exemption under section 11 (Income from property held for charitable or religious purposes).

Due date for filing the income tax return is 30th September.

How do I fill out the ITR-6 Form?

Instructions for filling out ITR-6

If any schedule is not applicable score across as “—NA—“.

If any item is inapplicable, write “NA” against that item.

Write “Nil” to denote nil figures.

Except as provided in the form, for a negative figure/ figure of loss, write “-” before such figure.

All figures should be rounded off to the nearest one rupee. However, the figures for total income/ loss and tax payable be finally rounded off to the nearest multiple of ten rupees.

Sequence for filling out parts and schedules

The Income Tax Department advises assesses to follow the sequence mentioned below while filling out the income tax return.

Part A

Schedules

Part B

Verification

How do I file my ITR-6 Form?

This income tax return has to be compulsorily furnished electronically under digital signature to the Income Tax Department.

No annexures required

No document (including TDS certificate) should be attached with this return form while filing ITR-6. All such documents enclosed with this Return Form will be detached and returned to the person filing the return. Taxpayers are advised to match the taxes deducted/collected/paid by or on behalf of them with their Tax Credit Statement Form 26AS.

How to fill out the verification document?

Fill up the required information in the Verification document. Strike out whatever is not applicable. Please ensure that the verification has been signed before furnishing the return. Write the designation of the person signing the return.

Note that any person making a false statement in the return or the accompanying schedules shall be liable to be prosecuted under section 277 of the Income-tax Act, 1961 and on conviction be punishable under that section with rigorous imprisonment and with fine.